Hats off to the folk at City Hall who recently published their latest Housing in London report – over 100 pages packed with fascinating figures about the state of housing in the capital.
While such a document may not set everyone's pulse racing, this kind of in-depth, illuminating research is vital if we are to tackle the lingering difficulties Londoners face when it comes to finding a suitable home for themselves and their families.
A few stark numbers illustrate the extent of these difficulties. Firstly, our houses and flats are becoming more crammed. In 1991 there were 2.35 people per dwelling in London but this has risen steadily in recent years to hit 2.52. If this seems like a minor ratio change, it is not – it is the highest rate in nearly 40 years and is climbing further away from the English average.
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Secondly, a new generation of Londoners finds itself stuck in the private rental sector, unable to get onto the housing ladder. The homeownership rate among 25 to 34-year-olds has crashed from 57 per cent in 1990 to 28 per cent last year. Across all age groups, the proportion of privately rented households has jumped from 15 per cent to 25 per cent.
However, there is cause for optimism. The overall proportion of homeowners ticked up between 2016 and 2017, and furthermore, we are starting to build more homes. The number of net new housing completions in London, to borrow the official terminology, climbed above 40,000 in 2016/17. As recently as 2011, the rate was below 20,000.
Londoners are becoming far more positive about new housebuilding, too. Support for housebuilding in one's own area has doubled since 2010, with two thirds of people now supporting or strongly supporting local developments. A remarkable turnaround in public opinion.
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When we look back in time, we see how much scope remains for further improvement. In the early 1930s housebuilding in the capital spiked to 70,000-80,000 per annum, the vast majority completed by the private sector. And contrary to conventional wisdom, there is ample room for more housing; City Hall's report shows that London is less dense than other European cities such as Paris, Madrid and Vienna.
London is ripe for a housing boom. Let's hope mayor Sadiq Khan heeds the report and is bold enough to usher in a new era of housebuilding across the capital.
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